CLB - Possible 30% Breakout

NYSE:CLB   Core Laboratories N.V
CLB has been running into strong resistance at around the $36.30 level since mid-Jan. However, there is darn near zero historical resistance between that and the $47.30 level, and decent reason to believe the current resistance will be broken in the coming weeks.

For the past couple of weeks, prices have been moving into a momentum squeeze, indicating a break one way or the other; a simultaneous Bollinger squeeze suggests that break will indeed be upward. These indicators conspire well with a distinct upward wedge formation, converging approximately at the same time the previous price channel crosses above the $47.50 target

Core Laboratories N.V. is a service provider of core and fluid analysis in the petroleum industry.

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